Last close As at 05/08/2026
SEK1.39
▲ −0.01 (−0.43%)
Market capitalisation
SEK197m
Research: Healthcare
The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for IRLAB’s preclinical candidate IRL757, following recent clearance by Swedish authorities to start clinical trials. This positive development provides early validation of IRLAB’s preclinical pipeline, in our view, and potential upside to our valuation provided there is clinical progress. Under the collaboration, MSRD will fund IRL757’s clinical development to proof-of-concept (PoC) in addition to paying IRLAB US$3m in upfront payments and up to US$5.5m in development milestones. Note that the agreement excludes the upcoming Phase I study (patient enrollment to commence in Q224), which will be funded by the US$2m grant received from the Michael J. Fox Foundation (MJFF) in December 2023. IRL757 is being developed as a treatment for apathy, a common symptom in neurological conditions such as Parkinson’s and Alzheimer’s disease, with no available treatment options.
Written by
IRLAB Therapeutics |
MSRD agreement early validation of IRL757 |
R&D collaboration update |
Pharma and biotech |
8 May 2024 |
Share price performance
Business description
Analysts
IRLAB Therapeutics is a research client of Edison Investment Research Limited |
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The McQuade Center for Strategic Research and Development (MSRD) has signed an exclusive R&D collaboration for Irlab’s pre-clinical candidate IRL757, following recent clearance by Swedish authorities to start clinical trials. This positive development provides early validation of IRLAB’s pre-clinical pipeline, in our view, and potential upside to our valuation provided there is clinical progress. Under the collaboration, MSRD will fund IRL757’s clinical development to proof-of-concept (PoC) in addition to paying Irlab US$3m in upfront payments and up to US$5.5m in development milestones. Note that the agreement excludes the upcoming Phase I study (patient enrollment to commence in Q224), which will be funded by the US$2m grant received from the Michael J. Fox Foundation (MJFF) in December 2023. IRL757 is being developed as a treatment for apathy, a common symptom in neurological conditions such as Parkinson’s and Alzheimer’s disease, with no available treatment options.
Year end |
Revenue (SEKm) |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/22 |
61.3 |
(113.1) |
(2.18) |
0.0 |
N/A |
N/A |
12/23 |
5.7 |
(177.8) |
(3.43) |
0.0 |
N/A |
N/A |
12/24e |
0.0 |
(191.3) |
(3.69) |
0.0 |
N/A |
N/A |
12/25e |
0.0 |
(189.7) |
(3.66) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
MSRD is part of Otsuka and focuses on early-stage investment in novel treatments for mental and renal disorders. We believe this announcement, an extension of its May 2023 agreement with IRLAB, provides early external validation of IRL757 and reflects positively on IRLAB’s broader pre-clinical program. IRLAB will be eligible to receive US$3m in upfront payment and up to an additional US$5.5m in development milestones. The agreement will see MSRD fund IRL757’s clinical development to PoC (with the exception of the Phase I study to be funded by MJFF) with potential to expand the collaboration, subject to negotiations. If the agreement is not extended, MSRD could be entitled to low single-digit royalties under certain circumstances.
IRL757 recently received clearance from the Swedish Medical Products Agency to undergo clinical trials. The Phase I study, expected to commence patient enrolment imminently, will evaluate the safety, tolerability and pharmacokinetics of IRL757 in healthy subjects. It will include two parts – single ascending dose (SAD) and multiple ascending dose (MAD) portions – plus a food effect analysis. Management expects the study to complete by end-2024, with top-line read-out in Q125. Phase I will be fully financed using the US$2m (c SEK21.65m) grant received from the MJFF in December 2023. MSRD is expected to fund subsequent R&D efforts until PoC.
Apathy is a common neuropsychiatric symptom across several neurological conditions (characterised by indifference and lack of emotion). Prevalence rates vary but can be as high as 90% in some conditions, such as Alzheimer’s disease. No specific treatments for apathy are current available, highlighting the market opportunity for effective therapeutics. IRLAB’s other pre-clinical assets include IRL942 (for cognitive impairment, expected to be Phase I-ready in H124) and IRL1117 in Parkinson’s disease (Phase I-ready in 2024).
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Research: Real Estate
Custodian Property Income REIT (CREI) produced a strong Q424 performance, driven by leasing progress and rental growth, rounding off a positive year. Reflecting FY24 performance, the company will pay a special dividend of 0.3p per share, additional to aggregate quarterly DPS of 5.5p, fully covered by EPRA earnings. The FY25 annual DPS target is increased by 9% to 6.0p, underpinned by the continuing strength of the commercial property occupier market and CREI’s increasing confidence in the outlook.